Less than a year later the Indian supreme courtroom overturned the Reserve Depository financial institution of Republic of india'due south ban on crypto businesses, the banking company'due south position on digital assets is looking slightly more than bullish.

Co-ordinate to a booklet on payments released today by the RBI, the bank is "exploring the possibility as to whether in that location is a need for a digital version of fiat currency." The bank added that if information technology found a need, information technology would wait into ways to put digital currency into use.

The RBI booklet acknowledged the popularity surrounding cryptocurrencies worldwide but claimed that Indian regulators and local government bodies are both "skeptical" of and "humble" about them. The bank referred to central banking concern digital currencies as legal tender in the country only also called them "a central depository financial institution liability in digital form."

India's regime has had a complicated relationship with digital currencies. In March 2020, the country's supreme court effectively overturned a blanket ban on crypto that the RBI had imposed on crypto businesses effective April 2018. The number of exchanges has grown in response to the supreme court ruling, but many in the crypto infinite accept expressed their concerns over the future of the manufacture in the nation.

Such a large bank developing a digital currency could hands further crypto adoption in India and beyond. The RBI reported that in that location has been an "exponential growth of digital payments" in the country with a 12.v% and 43% increase of volume and value, respectively, since 2011. The bank added that information technology may expand adoption by targeting "the generation which is most responsive to technology and digital age" — people built-in between 1982 and 2004.